Why a savings account is better than a fixed deposit account

Posted by Chidinma on Wednesday October 8, 2014 at 16:15:19:

A savings account is a regular account where you save your money, and you have access to your money anytime you need it. This is the most popular type of account followed by a Current account. It is very easy to open a Savings account as all you need is your passport, any type of identification card, Utility bill as an evidence of your residential address and an opening balance of not more than N5, 000. a savings account holder is usually issued a Credit card for an easier transaction with an ATM, and a withdrawal booklet. For this article, I will mention some of the reasons why a Savings account is better than a Fixed deposit account.

1. Easy Access To Your Money: A Savings account holder can visit the bank at anytime and place withdrawal from his account and get paid immediately; unlike the fixed deposit account in which you have to give the bank at least a 7 days notice prior to the day you need to make the withdrawal.

2. Small Opening Balance: the opening balance required to open a savings account is very small making it very easy for anybody who wishes to own a bank account to start with a savings account unlike the fixed deposit account with an opening capital of up to N150,000.

3. Easy To Open: The process required to open a savings account is very easy, unlike the fixed deposit account that require other form of verification and signatory from another account holder.